Fri. Jul 1st, 2022

PVN powers past H1 target

Engineers work with facilities at PetroVietnam’s Bach Ho oil field. PetroVietnam achieved a 53.2 per cent rise in revenue to US$1.3 billion in the first half of the year. — VNA/VNS Photo Thanh Long

HA NOI (VNS) — PetroVietnam (PVN) has announced a post-tax revenue of VND27.5 trillion (US$1.3 billion) in the first six months of the year, representing a 53.2 per cent year-on-year increase.

Le Minh Hong, PVN’s deputy general director, revealed the figures at a press conference held in Ha Noi yesterday.

He said that the group has met all of its targets for the first six months and improved from last year.

Accordingly, the combined revenue of the company, including all of its subsidiaries, totalled VND364.3 trillion, accounting for 56.3 per cent of the year’s targets.

In the first half of the year, the group contributed VND82.8 trillion to the State budget – VND11.9 trillion higher than the set target.

Hong added that in terms of corporate finance criteria, PVN posted total revenue of VND181.3 trillion, 16.5 per cent above its targets.

He claimed the group’s oil production was 13.64 million tonnes, an increase of 4.6 per cent over the corresponding period last year.

It also produced and supplied 9.05 billion kWh to the national power grid, representing a 17 per cent increase over last year.

It discovered four new gas mines and began the exploitation of three new mines. PVN produced 3.27 million tonnes of petrol in the six-month period, posting 28.3 per cent over the same period last year.

PVN’s chairman Phung Dinh Thuc said total oil production was still higher than the set target despite some mines seeing decreasing capacity and suffering from lower oil prices.

Speaking at the conference, Thuc said plans for restructuring were underway having been approved by the Prime Minister at the beginning of the year.

He said that 19 of the group’s companies this month would be updated about the restructure and provided with clear guidelines.

“The divestment from non-core businesses has faced with difficulties. The issue has been centred around timing, as we want to ensure State-owned capital is stable at the highest level,” he said, adding that they have been waiting for the Finance Ministry to offer guidance for restructuring loss-making companies.

He said the group would focus on five core businesses after completing its restructure.

In the second quarter, PVN planned to raise its oil and gas production to 12.37 million tonnes of oil equivalent (TOE), including 7.85 million tonnes of crude oil and 4.52 billion cubic metres of gas.

It has targeted a turnover of VND331 trillion in the last six months of the year, bringing the total of the whole year to VND696 trillion.

If this happens, the group would contribute VND77.6 trillion to the State budget in the period, increasing 8 per cent compared to set targets.

PVN expects to sign 2-5 new oil contracts and bring five mines into operation including two in the country and three others overseas. — VNS

By vivian